21-06-04 Iranian minister of commerce who was in Brazil to attend an UNCTAD meeting reviewed way of promoting bilateral cooperation with high-ranking Brazilian authorities.
The two sides also signed a Memorandum of Understanding (MoU) on petrochemical cooperation in downstream industries, Mohammad Shariatmadari referred to inadequacy of bilateral trade, which currently stands at $ 180 bn and called for boosting mutual trade transactions.

He also declared Iran's willingness for importing agricultural produce from Brazil including unprocessed vegetable oil, soy bean, and sugar and called on the Brazilian side to try to rationalize trade balance between the two countries.
The Brazilian minister of development, industries and trade, for his part, stressed developing bilateral and multilateral trade cooperation including in oil and petrochemicals and called for more cooperation in the fields of investment and technology transfer. He proposed to Iranian counterpart that Iran could use chain stores in Brazil and present its products through them to improve its trade balance.